motusbank Personal Loan Review
A motusbank personal loan could give you the cash you need to help with unexpected expenses.
Digital bank motusbank offers personal loans from $5,000 to $35,000 for terms of 1 - 5 years. With motusbank, the entire borrowing process takes place online so you can apply from the comfort of your home.
Max. Loan Amount
Pros and cons
- Borrow up to $35,000
- Fixed and variable interest rates available
- Online loan repayment calculator
- Unclear fees
- Doesn’t offer 24/7 support
Main points to consider with a motusbank Personal LoanMotusbank offers personal loans from $5,000 to $35,000. You could borrow funds from 1 year to 5 years depending on your financial circumstances. motusbank Personal Loans are unsecured, which means you won’t need to use any assets as collateral.
If your application is approved, you can use the money for a range of purposes including buying a car, paying off debt, funding a wedding or even renovating your home. The interest rate of your Motusbank loan will depend on your financial circumstances and credit history, with rates starting from 5.15% APR.
Features of a personal loan from Motusbankmotusbank Personal Loans include the following features:
- Loan rates as low as 5.15%. Motusbank offers personal loans with interest rates starting at 5.15%. Keep in mind that interest rates vary depending on individual circumstances.
- Available across Canada. motusbank Personal Loans and lines of credit are available in all Canadian provinces and territories except Quebec.
- High loan limit. You can borrow up to $35,000 from Motusbank to help cover a wide range of costs such as paying for a wedding, starting a business or buying a car. The exact amount you are able to borrow from Motusbank will depend on your credit report and current income.
- Fixed or variable interest rates. The interest rate can be fixed or variable. Either way, your monthly payments will be the same over the course of your loan.
- Flexible loan terms. Personal loan terms range from 1 - 5 years.
- Loan calculator. You can use Motusbank‘s online loan calculator to determine the total cost of your desired loan before you apply.
How much does the loan cost?
Personal loans from Motusbank have interest rates as low as 5.15%. The exact interest rate of your loan will be clearly stated in your loan contract as well as any fees that may apply.
Your total loan cost will depend on the amount you borrow, the length of your loan and your credit history.
How to apply for a motusbank Personal Loan
If you want to apply for a motusbank Personal Loan, head to the Motusbank website to begin your application. To be eligible for a loan, you typically need to meet the following criteria:
- Be a citizen or resident of Canada
- Be at least 18 or 19 years of age, depending on the province you live in
- Have good credit and at least a 12-month credit history
- Have a Canadian bank account
- Not have declared bankruptcy
- Have no current delinquencies or collections on your credit file
When applying for a loan you generally need to provide:
- Personal information including your name, address and email address
- Proof of income
- Canadian bank account details